The aim of this study is analysing factors that increase the risk of being NEET in Spain and Italy where youth unemployment and NEET rates are double average rates in Europe and measuring the costs of being NEET by multivariate analysis on EU-SILC 2013 data on youth aged 15–34. A higher educational level protects against the risk of being NEET. The analysis shows the high cost of the effect of the NEET status on subjective measures of well-being, in terms of reduced life satisfaction, lowered satisfaction with the financial situation and a negative impact on the overall meaning of life.